May 21, 2020

Consolidated Financial Results
for the Fiscal year Ended March 31, 2020
[Japanese GAAP]
Company name:
Oisix ra daichi Inc.
Securities code:
3182
Representative:
Kohey Takashima, Representative Director, CEOContact:
Hajime Yamanaka, Corporate Officer, Administration
Scheduled date of Ordinary General Meeting of Shareholders:
Scheduled date of payment of dividend:
Scheduled date of filing of Quarterly Report:
Preparation of supplementary materials for financial results:
Holding of quarterly financial results meeting:Stock exchange listings: TSE
URL: http://www.oisixradaichi.co.jp

June 25, 2020
June 26, 2020
Yes
Yes

(All amounts are rounded down to the nearest million yen)

1. Financial Results for the Fiscal Year Ended March 31, 2020

(from April 1, 2019 to March 31, 2020)(1) Operating Results
Fiscal Year Ended

March 31, 2020
March 31, 2019*2(% of change from previous year)

Net Sales

Operating Income

Net Income
Attributable to
Owners of
the Parent*3

EBITDA*1

Million yen%

Million yen%

Million yen%

Million yen%

71,04064,026

11.0
60.1

2,467
2,312

6.7
159.4

3,595
3,154

14.0
88.8

790
2,387

△66.9
906.4

1.Comprehensive income: Fiscal Year Ended (As of March 31, 2020)
726million yen(△69.5%)
Fiscal Year Ended (As of March 31, 2019)
2,384 million yen(881.8%)(Note)*1. EBITDA stands for earnings before depreciation and amortisation.Goodwill amortisation for the current fiscal year includes depreciation costsof three Limes, Inc. (hereafter The Purple Carrot), which has been consolidated since the 3Q of the current fiscal year.
*2. The result for the FY2018 include the 7-month profits and losses (from March 1 to September 30, 2018) of Radish Boya Co., Ltd. (fiscal year
end is February, absorption-type merged in October 2018). Comparing the results for the FY2019 with the result for 12-month period
excluding the profit and loss of Radish Boya Co., Ltd. in March 2018, net sales increased by 13.8%, operating income increased by 10.0%,
EBITDA increased by 16.6%, and net income attributable to owners of the parent decreased by 65.9% from the previous year.
*3. Net income attributable to owners of the parent for the same period of the previous fiscal year was significantly increased than normalcompared to operating income due to special factors such as the restrained amount of expenses for income taxes in Radish Boya Co., Ltd.
In addition, Welcome Co., Ltd., which became an equity-method affiliate in the fiscal year under review, is unlikely to earn the earnings
initially anticipated due to the impact of the spread of the new corronaviruses.Consequently, a portion of goodwill was recorded as equity in
net losses of affiliates in the consolidated fiscal year under review.

Fiscal Year Ended

March 31, 2020
March 31, 2019

Net Income per
Share

Diluted Net
Income per Share

Returnon Equity

Returnon Assets

Operating
Income Margin

Yen

Yen

%

%

%

23.19
71.38

23.03
70.47

6.0
21.2

7.5
10.8

3.5
3.6

(Reference)
Equity in earningus (losses) of affiliates (million yen):
Fiscal Year Ended (As of March 31, 2020)△659
Fiscal Year Ended (As of March 31, 2019)△107(Note）On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2 for 1
stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning of that
accounting year for the purposes of calculating comparable Net Income per Share and Diluted Net Income per Share figures.

1(2) Financial Position
Fiscal Year Ended

Total Assets

Shareholders’Equity Ratio

Net Assets

Net Assets
per Share

Million yen

Million yen%

Yen

26,08722,74914,195
12,50553.7
54.8

408.53371.30March 31, 2020
March 31, 2019

(Reference)
Shareholders’ equity (million yen):
As of March 31, 2020 : 14,020
As of March 31, 2019 : 12,472(Note）On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2 for 1
stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning of that
accounting year for the purposes of calculating comparable Net Assets per Share figures.

(3) Cash Flow
Fiscal Year Ended

Operating Activities

Investing Activities

Cash and Cash

Financing Activities

equivalents at end of year

Million yen

Million yen

Million yen

Million yen

1,080
3,115

△1,754△2,215

254
6

7,654
8,093

March 31, 2020
March 31, 2019

2. Dividends
Dividend per Share
Fiscal Year ended or ending

1Q

2Q

3Q

Year-end

Amountsof
Dividend(total)AnnualDividend
Ratio

Dividendon Equity

Yen

Yen

Yen

Yen

Yen

Million Yen%%

March 31,2019
March 31,2020

―
―

0.00
0.00

―
―

0.00
0.00

0.00
0.00

―
―

―
―

―
―

March 31,2021 (Forecast)

―

0.00

―

0.00

0.00

―

3. Forecast for the Fiscal Year Ending March 31, 2021 (from April 1, 2020 to March 31, 2021)(Percentages represent year-on-year changes)

Net Sales
Million yen

Full year

78,000Operating Income

EBITDANet Income
per Share

Net Income%

Million yen%

Million yen%

Million yen

%

Yen

9.8

3,000

21.6

4,400

22.4

1,200

51.9

34.96

(Note)EBITDA stands for earnings before depreciation and amortisation.

2

* Notes(1) Significant changes in scope of consolidation(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):

Yes

Exclusion: Three company
Purple carrot,

Future Food Fund Co., Ltd.

,Future Food Fund No.1 investment limited partnership(Note)
From the 2Q of the current consolidated fiscal year Oisix Inc., a subsidiary of the Company, acquired all the shares of
Purple Carrot. Accordingly, Purple Carrot has been included in the scope of consolidation from the first half of the
fiscal year under review. In addition, Future Food Fund Co., Ltd., which was newly established during the second
quarter of the fiscal year under review, was included in the scope of consolidation.
From the 3Q of the current consolidated fiscal year, Future Food Fund Corporation, our subsidiary, assigned anunlimited partner of the Future Food Fund No.1 investment limited partnership. Therefore, this partnership was
included in the scope of consolidation(2) Changes in accounting policies and accounting estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards:

None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:

None4) Restatements:

None(3) Number of shares issued (common shares)
1) Number of shares issued (including treasury stock):
As of March 31, 2020

34,324,116shares

As of March 31, 201933,595,156shares

2) Number of treasury stocks:
As of March 31, 2020

3,780shares

As of March 31, 2019

3,780shares

3) Number of average shares during the period:
Fiscal year ended March 31, 2020

34,075,643sharesFiscal year ended March 31, 201933,448,590shares(Note)On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2
for 1 stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning ofthat accounting year for the purposes of calculating comparable Number of shares issued, Number of treasury stocks and Number of average
shares during the period.

3

(Reference)

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2020
(from April 1, 2019 to March 31, 2020)(1) Operating Results(% of change from previous year)

Fiscal Year Ended

Net Sales

Ordinary income

Net Income*2

Million yen%

Million yen%

Million yen%

Million yen%

68,01853,065

28.2
58.5

2,909
1,802

61.5
109.8

2,975
1,896

56.9
109.0

1,164
2,236

△47.9
524.1

March 31, 2020
March 31, 2019*1

Fiscal Year Ended

Operating Income

Net Income per
Share

March 31, 2020
March 31, 2019

Diluted Net
Income per Share

Yen

Yen

34.17
66.85

33.93
66.00

(Note）On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2
for 1 stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning ofthat accounting year for the purposes of calculating comparable Net Income per Share and Diluted Net Income per Share figures.
*1. The results for the previous fiscal year include the results for the 2H of Radishbo-ya Co. ltd.,(the fiscal year ends in February) merged on Oct
1, 2018. As a result, the year-on-year rate of increase or decrease was larger than in the previous fiscal year.
*2. Net income for the previous fiscal year was significantly increased than normal compared to operating income due to special factors such as
the restrained amount of expenses for income taxes in Radish Boya Co., Ltd.

(2) Financial Position
Fiscal Year Ended

March 31, 2020
March 31, 2019
(Reference)
Shareholders’ equity(million yen)
(Note）

Total Assets

Net Assets

Shareholders’Equity Ratio

Net Assets
per Share

Million yen

Million yen%

Yen

24,98722,604

14,582
12,60658.4
55.8

424.90375.28

As of March 31, 2020 : 14,582

As of March 31, 2019 : 12,606

On April 1st, 2018, the Company implemented a 2 for 1 stock split of common shares, and on October 1st, 2018, the Company implemented a 2
for 1 stock split of common shares. For the previous consolidated accounting year, said stock split is assumed to have occurred at the beginning ofthat accounting year for the purposes of calculating comparable Net Assets per Share figures.

* This financial report is outside the scope of the audit by certified public accountants or auditing firms.
* Explanation of the proper use of forecast and other notes
The forward-looking statements herein are based on information available to the Company and certain assumptions deemed
reasonable as of the date of publication of this document. They are not intended as the Company’s commitment to achieve suchforecasts, and actual results may differ significantly from these forecasts due to a wide range of factors.

4

2.Outlook going forward
About the outlook for the future, due to the worldwide pandemic of COVID-19 infectious disease, demand for food delivery
services is expected to increase recently due to heightened awareness of the need to refrain from going outside. On the other
hand, once the spread of infectious diseases has eased, there is concern about a recession due to the stagnation of consumer
sentiment in Japan. Therefore, it is expected that the environment surrounding us, company as how to eat at home, willchange and have a major impact on business results.
It is under such circumstances that the Company are keenly aware of our role as an infrastructure company that supports
food, and we place top priority on providing stable services. In addition, as the spread of COVID-19 infectious disease
greatly changes people's lives, we will continue to provide customers with products and services that meet new needs.
In addition, the Company seeks to continue to realize high business growth and secure its position as the topbrand in highvalue-added food products and ingredients and/or food delivery via EC.
In the fiscal year ending Mar 31, 2021, the Company’s business strategy will be to establish a capacity and secure productsupplies that enable stable shipments in response to the increase in demand for food home delivery services caused byrequest of staying at home. In addition, we will swiftly implement measures to respond to changes in the new needs ofcustomers.
Subsequently, once the spread of infectious diseases has eased, new customer needs such as "increased health / immunity
awareness", "increased frequency of meals at home", and "saving-mindedness due to recession" are expected. For this reason,
the Companye will evolve our services, mainly in the domestic Home Delivery Business, in order to provide value proposals
that match the way we eat at home.
With all things considered, the forecast for the following consolidated fiscal year (the fiscal year ending Mar 31) ispremised that the self-restriction of going out will be relaxed gradually from June.
While including the impact of the recent increase in demand for food home delivery services, we are also taking into
account the impact of stagnant consumer sentiment and the impact of increased costs for COVID-19 infections, such as
infrastructure improvements for remote work.
Consequently the Company expect to result in Sales of JPY 78,000 million (+9.8% YoY), Operation Income of JPY 3,000
million (+21.6% YoY), and EBITDA of JPY 4,400 million (+22.4% YOY), Net income attributable to owners of parent of JPY
1,200 million (+51.9% YOY)
As a footnote, the Company, in consideration of the impact to earnings of depreciation and amortization costs such as
goodwill (non-cash expense items), has opted to disclose EBITDA (OP + depreciation expenses +goodwill amortization
expense) as it accurately shows the cash flow generation of the business.
The above forward-looking statements may change due to the spread of the COVID-19.In the future, we will promptly
inform any matters that need to be disclosed.
(Unit: millionyen)
FY3/2020

FY3/2021(Result)(Forecast)+/- YoY (%)

Net sales

710,4078,0009.8

Operating income

2,467

3,000

21.6

EBITDA（Note）

3,595

4,400

22.4

790

1,200

51.9

105.51128.20

―

23.19

34.96

―

Net income attributable to owners of the parent

EBITDA per share
Net income attributable to owners of theparent per share(Note)
1.EBITDA stands for earnings before depreciation and amortisation.

2.The forward-looking statements herein are based on information available to the Company and certain assumptions deemed reasonable as ofthe date of publication of this document. They are not intended as the Company’s commitment to achieve such forecasts, and actual results may
differ significantly from these forecasts due to a wide range of factors.

5Consolidated Financial Statements(1) Consolidated Balance Sheet(2)(Thousands of yen)
As of March 31, 2019

As of March 31, 2020

AssetsCurrent assets
Cash and deposits

8,136,173

7,676,707

Accounts receivable - trade

5,555,456

6,824,692

Merchandise and finished goods

1,173,552

1,330,348

45,077

15,954Work in process
Raw materials and supplies

184,228

265,575

Accounts receivable - other

1,308,693

1,989,298

394,685

379,403

Other
Allowance for doubtful accounts△196,069△231,970

Total current assets
Non-current assets
Property, plant and equipment

16,601,798

18,250,009

Buildings and structures

928,879

1,288,992

Accumulated depreciation△565,048△608,435

Buildings and structures, net

363,831680,557

Machinery, equipment and vehicles
Accumulated depreciation

925,003△436,176

1,046,921△504,129

488,826

542,792

539,833△499,815

510,514△471,192

Machinery, equipment and vehicles, net
Leased assets
Accumulated depreciation
Leased assets, net
Other
Accumulated depreciation
Other, net

40,01839,322

357,140△242,065

412,547△242,449

115,075

170,097

1,007,751

1,432,768

Goodwill

1,137,486

2,375,132

Other

1,009,106

1,859,465

Total intangible assets

2,146,592

4,234,597

Investments and other assets
Investment securities

1,354,129

833,178

Leasehold and guarantee deposits

855,735

798,030

Deferred tax assets

710,305

438,860

Other

73,171

100,1852,993,343

2,170,254

6,147,686

7,837,620

22,749,485

26,087,630

Total property, plant and equipment
Intangible assets

Total investments and other assets
Total non-current assets
Total assets

6

(Thousands of yen)
As of March 31, 2019

As of March 31, 2020

Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Lease obligations
Accounts payable - other
Income taxes payable
Provision for point card certificates

4,240,280

4,975,996

9,552

9,552

34,08329,191

3,649,938

4,277,361

255,659

651,967

145,468

184,901

Other

1,115,018

914,537

Total current liabilities

9,450,000

11,043,508

Long-term borrowings

53,40443,852

Lease obligations

42,28935,544

Provision for retirement benefits for directors(and other officers)
Asset retirement obligations

4,500

5,700

296,218

322,003－138,875

Other

397,852

302,378

Total non-current liabilities

794,264

848,354

10,244,264

11,891,862

Share capital

1,284,022

1,691,323

Capital surplus

5,298,392

5,705,099

Retained earnings

5,897,781

6,687,977

Non-current liabilities

Deferred tax liabilities

Total liabilities
Net assets
Shareholders' equity

Treasury shares
Total shareholders' equity△2,800△2,80012,477,395

14,081,600

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

3,284△21,023

Foreign currency translation adjustment△8,274△39,691

Total accumulated other comprehensive income△4,989△60,71432,815

174,881

12,505,220

14,195,767

22,749,485

26,087,630

Non-controlling interests
Total net assets
Total liabilities and net assets

7(3) Consolidated Statement of Income(Thousands of yen)
Period ended
March 31, 2019
64,026,120

Period ended
March 31, 2020
71,040,906

Cost of sales

33,504,178

37,222,981

Gross profit

30,521,942

33,817,924

Selling, general and administrative expenses

28,209,498

31,350,670

Operating profit

2,312,443

2,467,254

Interest income

251

365

Dividend income

5,648

0

Reversal of Long-term deposits received

7,035

7,010

Compensation income

12,216

12,170Material recycling revenue

16,2499,362

Gain on unused gift card

3,243

3,134

Recoveries of written off receivables

6,661

3,563

Other

59,77027,755

Total non-operating income

111,076

63,362

Interest expenses

1,940

10,708Foreign exchange losses

5,641

14,591

Net sales

Non-operating income

Non-operating expenses

Share issuance costs

563

1,099

Share of loss of entities accounted
for using equity method
Other

107,168

659,387

6,503

19,260Total non-operating expenses

121,816705,046

2,301,702

1,825,570

3,123

－

3,123

－

Ordinary profit
Extraordinary income
Gain on sales of sharesof subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on cancellation of rental contracts
Loss on disaster

40,159－－54,601

Loss on sales of non-current assets

11,740－

Impairment loss

96,487

23,113

Loss on valuation of investment securities

5,881

－

154,270

77,715

Total extraordinary losses
Profit before income taxes

2,150,556

1,747,854

Income taxes - current

356,689

706,672

Income taxes - deferred△599,337

258,895

Total income taxes△242,647

965,568

Profit2,393,204

782,286

5,561△7,9092,387,642

790,196

Profit attributable to non-controlling interests
Profit attributable to owners of parent

8

(4) Consolidated Statement of Comprehensive Income
Period ended
March 31, 2019
2,393,204(Thousands of yen)
Period ended
March 31, 2020
782,286

Valuation difference on available-for-sale securities△1,408△1,516

Foreign currency translation adjustment△7,243△31,416－△22,791△8,652△55,724

2,384,551

726,561

2,378,989

734,471

5,561△7,909ProfitOther comprehensive income

Share of other comprehensive incomeof entities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributableto owners of parent
Comprehensive income attributable
to non-controlling interests9（4）Consolidated Statement of Changes in Shareholders' Equity
Period ended March 31, 2020
(Thousandsof yen)Shareholders' equity

Balance at beginning of period

SharecapitalCapitalsurplusRetainedearnings

TreasurysharesTotalshareholde
rs' equity

1,284,022

5,298,392

5,897,781△2,80012,477,395

407,301

406,707

Changes during period
Issuance of new shares
Profit attributable to owners ofparent814,008
790,196790,196

Purchase of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Balance at beginning of period

407,301

406,707790,196－

1,604,205

1,691,323

5,705,099

6,687,977△2,80014,081,600

Accumulated other comprehensive
incomeValuation
Foreign
Total
difference
currency
accumulatontranslatio
ed otheravailablencomprehefor-saleadjustme
nsive
securities
nt
incomeNoncontrollinginterests

Total net
assets32,815

12,505,220

3,284△8,274△4,989Changes during period
Issuance of new shares

814,008

Profit attributable to owners ofparent790,196

Purchase of treasury shares
Net changes in items other thanshareholders' equity△24,307△31,416△55,724

142,066

86,341

Total changes during period△24,307△31,416△55,724

142,066

1,690,547

Balance at end of period△21,023△39,691△60,714

174,881

14,195,767

10

(5) Consolidated Statement of Cash Flow
(Thousands of yen)
Period ended
March 31, 2019

Period ended
March 31, 2020

Cash flows from operating activities
Profit before income taxes

2,150,556

1,747,854

Depreciation

457,460

594,110

Amortization of goodwill

384,939

506,376

Loss (gain) on sales of sharesof subsidiaries and associates
Impairment loss

△3,123－96,487

23,113

5,881－

Loss (gain) on valuation of investment securities
Increase (decrease) in allowance for doubtful accounts

39,33635,900

Increase (decrease) in provision for bonuses△90,477－

Increase (decrease) in retirement benefit liability△104,002－△5,899△366

Interest expenses

1,940

10,708Foreign exchange losses (gains)

△141

149

107,168

659,384△115,729△1,268,810

27,315△680,604△264,134△157,599

Interest and dividend income

Share of loss (profit) of entities accounted
for using equity method
Decrease (increase) in trade receivables
Decrease (increase) in accounts receivable - other
Decrease (increase) in inventories
Increase (decrease) in trade payables

141,166

500,538

Increase (decrease) in accounts payable - other550,127△340,234

Increase (decrease) in accrued expenses

49,444△79,291

Other, net
SubtotalInterest and dividends received
Interest paid

51,028△137,305

3,479,349

1,413,927

4,601

84

△1,940△10,708

Income taxes paid

△366,702△323,101

Net cash provided by (used in) operating activities

3,115,308

1,080,201

Purchase of property, plant and equipment△243,522△559,475

Purchase of intangible assets△717,760△699,688

Purchase of investment securities△31,053△93,609△1,100,000△119,680

21,640－△35,332△362,706

19,766－△109,567△128,213

Cash flows from investing activities

Purchase of shares of subsidiaries and associates
Proceeds from sales of sharesof subsidiaries and associates
Purchase of shares of subsidiaries resulting
in change in scope of consolidation
Proceeds from purchase of shares ofsubsidiaries resulting in change in scope of consolidation
Payments of leasehold and guarantee deposits
Proceeds from refund of leasehold and guarantee deposits
Payments for asset retirement obligations

10,261

207,198△64,297△19,131

Proceeds from cancellation of insurance funds

6,443

－

Other, net

27,82820,840△2,215,594△1,754,465

Repayments of long-term borrowings△8,667△682,657

Proceeds from issuance of shares

47,958812,909

Proceeds from share issuanceto non-controlling shareholders

10,000150,000

Net cash provided by (used in) investing activities
Cash flows from financing activities

11

Purchase of treasury shares

△735

－

△42,524△25,436

Net cash provided by (used in) financing activities

6,031

254,815

Effect of exchange rate change on cash
and cash equivalents
Net increase (decrease) in cash and cash equivalents△7,102△19,217

898,643△438,665

Cash and cash equivalents at beginning of period

7,194,730

8,093,373

Cash and cash equivalents at end of period

8,093,373

7,654,707

Repayments of lease obligations

12